Regulation 9 Requirements for credit transfer and direct debit transactions

(1)

Article 5 (requirements for credit transfer and direct debit transactions) is amended as follows.

(2)

In paragraph 1—

(a)

for “PSPs”, in the first place it occurs, substitute “UK-regulated PSPs”;

(b)

in point (c), for “the same Member State or in different Member States” substitute “the United Kingdom, or in the United Kingdom and another qualifying State”;

(c)

in the second subparagraph, for “PSPs” substitute “UK-regulated PSPs”.

(3)

In paragraph 2—

(a)

for “PSPs”, in the first place it occurs, substitute “UK-regulated PSPs”;

(b)

for “national law implementing Directive 95/46/EC” substitute “the General Data Protection Regulation”.

(4)

In paragraph 3—

(a)

in the first subparagraph—

(i)

for “PSPs”, in the first place it occurs, substitute “UK-regulated PSPs”;

(ii)

for “national law implementing Directive 95/46/EC” substitute “General Data Protection Regulation”;

(iii)

in point (a)(ii), for “Articles 41 and 42 of Directive 2007/64/EC” substitute “regulation 48 of, and Schedule 4 to, the Payment Services Regulations 2017”;

(b)

in the third subparagraph, for “Articles 41 and 42 of Directive 2007/64/EC” substitute “regulation 48 of, and Schedule 4 to, the Payment Services Regulations 2017”.

(5)

After paragraph 3 insert—

“3A.

In paragraphs 2 and 3 “the General Data Protection Regulation” means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).”

(6)

In paragraph 4, omit the words from “and, until 1 February 2014” to “BIC”.

(7)

In paragraph 5, omit the second sentence.